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... Newsletters Employees Articles Blog Photos Group Connections Reviews IMMS Library Immerse yourself in our stacks. Take some time and browse through our library. We have thousands of articles, checklists, tip sheets, sales letters, and more! Communications Marketing Customer Service Planning Finance/Accounting Risk Management Human Resources Selling Legal and E&O Technology Life/Financial Services Glossaries Management Resources & Links Categories Popular Recent All Back Collections 4/30/2013 10:38:09 PM by CompleteMarkets Editor This content has not been rated yet. COLLECTIONS The purpose of a collection system is to collect money owed to the agency without alienating the insured. In this section, we will answer the following questions: Who should do the collecting? What are the steps to developing an effective collection system? When should you collect ... or more of the premium with this binder. (Make sure insureds understand what is meant by needing this amount now to bind the contract.) If the binder is mailed with invoice attached, be sure to explain the need for the deposit by return mail, to bind the contract. You may wish to type on the binder If payment is not received within 15 days after effective date, this coverage will be rescinded. In the event that the insured cannot pay the full premium within 15 days of the effective date, suggest premium financing. If the balance is not paid within the time frame given, send a direct notice of cancellation if you have the authority to do so; if not, request that the company send direct notice. (Companies usually ask for a written request.) ...

Collections
COLLECTIONS The purpose of a collection system is to collect money owed to ...Agency Establish a Goal Concerning Collections? There are three reasons why t...

...exposure and that you write this coverage for them. The type of risk determine...ur staff and your customers on this coverage – and go a long way tow...

...ntion that the Personal Property coverage has been reduced by about $20,000 if... 120% of your policy’s stated coverage amount.' Sounds familiar, doesn&...

...about modified expiration dates, coverage types, and so on. 3) Review with pro...arizes the property description and coverage types, and invites the client to ...

...Consider the following: Premium collections occur primarily: During the n...spects before they renew or buy new coverage Establish a suspense system ...

... or decreased attention paid to collection of accounts current Increase i...

... 000? Do you own firearms worth over $2 ,000? Does the value of your silverware, silver-plated ware, gold-ware, gold-plated ware, or pewter, exceed $2 ,500? Do you keep any belongings in your home that are used in any manner for business use worth more than $2 ,500? Do you belong to any association of property owners responsible for something owned collectively? Do you have articles of value such as antiques, stamp or coin collections, fine arts, furs, golf equipment, musical instruments, silverware, china or the like, which you would like to insure on a scheduled per-item basis? Section II Coverages Would you like a limit of liability higher than $100,000? Would you like a higher amount of coverage for medical payments ... of water? Are you in a flood zone? Is your home under construction or being remodeled? Do you have any boarders that are not family members? Do you have tenants? Do you furnish any belongings in the part of the premises you rent? Would you like replacement cost on your contents? Would you be interested in an inflation guard built into your policy? Do you want earthquake coverage? Do you have any children away at school Will your home be vacant more than 30 days? Do you own an aircraft? Do you or your family members have any belongings owned by others in your care custody or control Do you keep any belongings in any other residence owned by you? Do you rent any structure on your property? Do you use any structure on your property for ...

... for the damage to his house. And he wasn't referring to the company's solvency. You get a star on your forehead if you explain to customers that liability coverage, simply put, pays for damages you do to somebody else. LOSS RATIO .. COMBINED RATIO. ANYTHING RATIO Again, I don't mind if you use them, but you've gotta define them. Just say, For every dollar we collected insuring this fiasco, we paid $1.10 in claims and expenses. Stop there and say no more. NO-FAULT AUTO This otherwise brilliant product should probably sue the insurance industry for abuse and neglect. No wonder most states don't have No-Fault insurance. No one knows what in the world it is. A thousand spiders in your pajamas if you use the terms PIP benefits' and tort threshold' without ... not insured. CARRIER always cracks me up when I hear this. Okay, Mrs. Throttlebottom, I'll try to call a few carriers and see if they'll accept you as an insured. Sounds like the insurance company's located on a military battleship. How about just insurance company. It's that simple. EXPOSURE Oh, boy. This gets used a lot with the news media, and then we complain about our coverage. The exposure, of course, is simply the riskiness. A wood-shingle roof has a greater risk of burning than an asphalt roof. LINE Another word that is simply unnecessary. I prefer to talk about different types' of insurance. Line' makes sense to me if you're taking about retail products like shampoo and children's toys. But in this era of packaged, multiple-peril policies, the ...

...FINANCIAL CONTROLS BILLING and COLLECTION: ___ Open item billing is used. _...gest appropriate upgrades in limits/coverages by telephone. ___ CSRs are assi...